Reown Secures $13 Million in Series B Funding

Web3 infrastructure development firm Reown, known for building the communications protocol WalletConnect, has successfully closed a $13 million Series B funding round. This round was led by Union Square Ventures and 1kx.

Notable Investors

The funding round also received participation from several other investors including Global Digital Asset Holdings (a joint venture of SC Ventures and SBI Holdings), Shopify Ventures, Kraken Ventures, Crypto.com Capital, Figment, Kiln, Everstake, BitGo Ventures, and Fenbush. The announcement was made on Wednesday.

Total Fundraising Achievements

This Series B round brings Reown’s total fundraising to $38 million, following a previously announced $12.5 million “ecosystem round” in November 2022 and an $11 million Series A round in March 2022. The company also raised $1.25 million in a seed round led by 1kx in April 2021.

Future Plans

Reown plans to use the new funding to enhance its onchain UX platform through its SDKs: Reown AppKit and Reown WalletKit. The goal is to improve the user experience as the demand for crypto payments in traditional financial services grows. Reown aims to simplify blockchain complexities, removing barriers like gas fees and seed phrases for mainstream users.

1kx Founding Partner Lasse Clausen emphasized the importance of smooth onboarding as digital assets become central in financial transactions.

Technology Integration

Companies like Stripe and Raise leverage Reown’s technology, which is also utilized by DeFi applications such as Jupiter, Drift, and Marinade. Initially designed for Ethereum and EVM-compatible chains, Reown’s AppKit now supports Solana, Bitcoin, and TON-based Telegram MiniApps. The WalletKit is integrated by over 600 wallets, including Trust Wallet and OKX Wallet.

Reown CEO Jess Houlgrave stated, “The WalletConnect Network has long been the essential bridge connecting wallets, apps, and users. As we approach the ‘iPhone moment’ for crypto, there is an urgent need for transformative improvements in onchain user experiences.”

Company Rebranding

Reown rebranded from WalletConnect, Inc. in September to support its transition toward decentralization. At the same time, the WalletConnect Foundation launched the native Connect Token (WCT) to facilitate governance and encourage participation in the ecosystem.

With over 35 million global users, WalletConnect facilitates more than 20 million monthly web3 wallet connections for 5 million users each month.